A solid level of primary demand for mortgage credit, continued strong participation from our bank customers and a modest expansion of our loan products contributed to this increase.

a solid level of primary demand for mortgage credit continued strong participation from our bank customers and a modest expansion of our loan products contributed to this increase


as you think about the growth drivers of the second half, is it mainly overages kicking in on the existing business? Or is it mainly from some of these

as you think about the growth drivers of the second half is it mainly overages kicking in on the existing business or is it mainly from some of these


While modest, this improvement would allow us to leverage the progress that we have realized from our continued operational excellence initiatives this past year.

while modest this improvement would allow us to leverage the progress that we have realized from our continued operational excellence initiatives this past year


This technology offers significant material property advantages compared to existing materials, including weight savings, sheer strength and energy absorption.

this technology offers significant material property advantages compared to existing materials including weight savings shear strength and energy absorption


potential revisions to OSFI's underwriting guideline B20 could serve to further curtail market activity and reduce the pace of home price increases across the country.

potential revisions to osfi's underwriting guideline b-20 could serve to further curtail market activity and reduce the pace of home price increases across the country


Last summer, we launched Gravity for Mobile. Already, the product is generating 7 -- several million dollars of revenue and growing very rapidly.

last summer we launched gravity for mobile already the product is generating several million dollars of revenue and growing very rapidly


And so they're all slightly different in terms of how they got to where they are with EXPAREL. And so we're learning how to address these folks individually as customers

and so they're all slightly different in terms of how they got to where they are with exparel and so we're learning how to address these folks individually as customers


Customers' acceptance of NexSys Pure is as strong in EMEA as the Americas and we believe sales will make up over 10% of their revenue in the near future.

customers' acceptance of nexus pure is as strong in emea as the americas and we believe sales will make up over 10% of their revenue in the near future


These factors point to a strong second half and we expect to completely recover our increased fuel costs by the end of this financial year.

these factors point to a strong second half and we expect to completely recover our increased fuel costs by the end of this financial year


All forward-looking statements are expressly qualified in their entirety by this cautionary notice. You should carefully review all of these factors and be aware that there may be other factors that could cause these differences.

all forward-looking statements are expressly qualified in their entirety by this cautionary notice you should carefully review all of these factors and be aware that there may be other factors that could cause these differences


She's already challenging us in the clinical domain, what additional testing do we need to get going. And obviously, the pediatric indication is one that she's a champion of and we've got to get

she's already challenging us in the clinical domain what additional testing do we need to get going on obviously the pediatric indication is one that she's a champion of and we've got to get


and so there's a lot of interest. But as far as live volume going through us as a processor, meaning we're aggregating transactions for a bunch of banks

and so there's a lot of interest but as far as live volume going through us as a processor meaning we're aggregating transactions for a bunch of banks


From our deep domain expertise and relationships to our proprietary technologies and strong service focus, our clients appreciate the value that Donnelley Financial Solutions

from our deep domain expertise and relationships to our proprietary technologies and strong service focus our clients appreciate the value that donnelly financial solutions


In Investment Markets, we provide products and services to mutual funds, hedge and alternative investment funds and insurance companies

in investment markets we provide products and services to mutual funds hedge and alternative investment funds and insurance companies


Our execution in service operations also continues to be excellent, as demonstrated by client satisfaction results and retention levels that remain consistent with recent highs.

our execution in service operations also continues to be excellent as demonstrated by client satisfaction results and retention levels that remain consistent with recent highs


And now I will turn the call over to Rich. Thanks, Tom. The first quarter was a strong one for Groupon as we continued to make progress in becoming a daily habit in local commerce.

and now i will turn the call over to rich thanks tom the first quarter was a strong one for groupon as we continued to make progress in becoming a daily habit in local commerce


and continue to serve out of Hong Kong because they have services that they can provide outside Mainland China. So it was a couple of hundred thousand dollars of annual loss.

and continue to serve out of hong kong because they have services that they can provide outside mainland china so it was a couple of hundred thousand dollars of annual loss


So we have to look for other markets, and that's what we do. We have sales offices in many different countries. We have people assigned to different countries. And so

so we have to look for other markets and that's what we do we have sales offices in many different countries we have people assigned to different countries and so


So when our federal government seeks payment or decides to acknowledge a refund, those can trip over a quarter. But generally speaking, for the year, we expect

so when our federal government seeks payment or decides to acknowledge a refund those can trip over a quarter but generally speaking for the year we expect


make the most of the -- our existing molecules as well as bring other molecules into the company as we have with our ImmunoGen collaboration.

make the most of our existing molecules as well as bring other molecules into the company as we have with our immunogen collaboration


We expect to tell you more about the area sometime towards the end of this year once we have successfully solidified our acreage position.

we expect to tell you more about the area sometime towards the end of this year once we have successfully solidified our acreage position


But these trends are more than offset by strength in domestic bookings and we don't expect currency challenges to have a material impact on our results relative to our guidance.

but these trends are more than offset by strength in domestic bookings and we don't expect currency challenges to have a material impact on our results relative to our guidance


We are also continuing to see success from our expanded assortments in intimate apparel, which also outperformed the company average.

we are also continuing to see success from our expanded assortments in intimate apparel which also outperformed the company average


market importance towards the suppliers can be used. All of that should create additional funds.

market importance towards the suppliers can be used all of that should create additional funds


when the auction results become known to the board, it will consider whether further changes to our capital allocation priorities are warranted.

if and when the auction results become known to the board it will consider whether further changes to our capital allocation priorities are warranted


most importantly, our consumption patterns have continued to build, which is the real story we want to stress, and that will translate to a very strong second half.

most importantly our consumption patterns have continued to build which is the real story we want to stress and that will translate to a very strong second half


and just overall healthy demand in the space. So there are certainly a number of factors that could help us get towards the higher end or potentially beyond the higher end of guidance.

and just overall healthy demand in the space so there are certainly a number of factors that could help us get towards the higher end or potentially beyond the higher end of guidance


is that we feel very strongly that our approach remains the best one to pursue for the treatment of Pompe with gene therapy, meaning

is that we feel very strongly that our approach remains the best one to pursue for the treatment of pompe with gene therapy meaning


when does it return to growth. I think it's ongoing as we talk. We have to see that one of the big inhalers

when does it return to growth i think it's ongoing as we talk we have to see that one of the big inhalers


do you think about -- I guess, what is the level of utilization roughly, if you're willing to share? And then, two, as you think about long-term growth

do you think about -- i guess what is the level of utilization roughly if you're willing to share and then two as you think about long-term growth


Since the end of the fourth quarter, we have received several of these late payments and continue to focus our efforts on collecting the remaining outstanding receivables.

since the end of the fourth quarter we have received several of these late payments and continue to focus our efforts on collecting the remaining outstanding receivables


made an investment during the first half of the year to add dedicated Fluid Management representatives to the business in an effort to drive focus and specialization.

we made an investment during the first half of the year to add dedicated fluid management representatives to the business in an effort to drive focus and specialization


We expect assets spreads to be vulnerable to widening due to changes in central bank involvement in these markets, which would present a great opportunity to add assets.

we expect asset spreads to be vulnerable to widening due to changes in central bank involvement in these markets which would present a great opportunity to add assets


I think that the third quarter outlook is more of the same. It is very competitive. It's competitive now. It's been competitive for years, as we all know.

i think that the third quarter outlook is more of the same it is very competitive it's competitive now it's been competitive for years as we all know


Those of you who have been asking us over the past couple of years what the auction could mean for us have heard repeatedly that we do not expect to receive any meaningful proceeds.

those of you who have been asking us over the past couple of years what the auction could mean for us had heard repeatedly that we did not expect to receive any meaningful proceeds


We currently do not believe that any of these circumstances individually or in the aggregate have any impact on our reported financial results.

we currently do not believe that any of these circumstances individually or in the aggregate have any impact on our reported financial results


We are not a typical retailer. We do not sell products that are purchased without a human connection or products that lend themselves easily to e-commerce.

we are not a typical retailer we do not sell products that are purchased without a human connection or products that lend themselves easily to e-commerce


And I would continue to expect as we roll out those new vertical products, we're continuing to add value and see some additional strength coming from those contributions.

and i would continue to expect as we roll out those new vertical products we're continuing to add value and i'd see some additional strength coming from those contributions


due to the underperformance of DSS. Before I hand the call back to Bob, I'd like to briefly discuss our thoughts on tax reform

due to the underperformance of dss before i hand the call back to bob i'd like to briefly discuss our thoughts on tax reform


take everything -- I didn't hear anything quite clear? And can you also elaborate how that will move into the

take everything i didn't hear anything quite clear and can you also elaborate how that will move into the


Currently, we are planning to consolidate facilities around Haneda airport to achieve efficient training, while increasing safety, the foundation of our management.

currently we are planning to consolidate facilities around haneda airport to achieve efficient training while increasing safety the foundation of our management


is important to note that the factors negatively impacting second quarter shipments are contradicted by strong underlying demand trends.

it is important to note that the factors negatively impacting second quarter shipments are contradicted by strong underlying demand trends


Meanwhile, we are working in parallel to fundamentally understand the market opportunities and dynamics and to formulate our commercial strategy.

meanwhile we are working in parallel to fundamentally understand the market opportunities and dynamics and to formulate our commercial strategy


This enables service providers and businesses to focus on becoming more efficient and more profitable in this age of digital transformation.

this enables service providers and businesses to focus on becoming more efficient and more profitable in this age of digital transformation


and then resume more normalized growth through coming quarters in 2018. A couple of other things I'd like to note before moving on to data centers.

and then resume more normalized growth through coming quarters in 2018 a couple of other things i'd like to note before moving on to data centers


And indeed on this point it is important for all you to know that my primary focus as Chairman and CEO is for Triangle Capital to continue to grow

and indeed on this point it is important for all of you to know that my primary focus as chairman and ceo is for triangle capital to continue to grow


ignoring your demands for payment and things of that nature, paying the patient in some cases and doing other

ignoring your demands for payment and things of that nature paying the patient in some cases and doing other


that there's really not a lot of outlet. Because of the lack of timing or infrastructure in Mexico, those pipes really can't ramp up as quickly as everybody had hoped.

that there's really not a lot of outlets because of the lack of timing for infrastructure in mexico those pipes really can't ramp up as quickly as everybody had hoped


To sum it up, we believe the aftermarket has benefited from a second consecutive normalized winter and ongoing sound fundamentals.

to sum it up we believe the aftermarket has benefited from a second consecutive normalized winter and ongoing sound fundamentals


what the term of their contracts would be, their answer would be, we don't have any term contracts, we just have shippers that have shipping history and show up day to day. And so

what the term of their contracts would be their answer would be we don't have any term contracts we just have shippers that have shipping history and show up day to day and so


something like 40 hotels open. Shanghai is the most international city in China. Our hotels are skewed dramatically towards the high-end.

something like 40 hotels open shanghai is the most international city in china our hotels are skewed dramatically towards the high end


subject areas that we feel comfortable in. And we have already got scale benefits that we feel very confident about how we integrate for further scale.

subject areas that we feel comfortable in and we have already got scale benefits and we feel very confident about how we integrate for further scale


Our use of the term EBITDA throughout this morning's call corresponds with the term adjusted EBITDA as defined in our earnings release.

our use of the term ebitda throughout this morning's call corresponds with the term adjusted ebitda as defined in our earnings release


If you can just share any specific states you're seeing increased work there and specifically the type of projects in those states that are kind of driving the strength?

if you could share any specific states you're seeing increased work there and specifically the type of projects in those states that are kind of driving the strength


We are now in the process of implementing changes that we think will drive higher connect, continue to improve ARPU and give our customers even greater choice and control.

we are now in the process of implementing changes that we think will drive higher connects continue to improve arpu and give our customers even greater choice and control


Finally, this decree included very positive news related to new more expansive investment criteria by pension funded administrators.

finally this decree included very positive news related to new more expansive investment criteria by pension fund administrators


on the quarter, could you talk about the cadence of when you took delivery of these tractors? And to the extent you can provide us,

on the quarter can you talk about the cadence of when you took delivery of these tractors and to the extent you can provide us


in the first half of 2019. We remain on track to file our prior approval supplement for Vancocin oral solution

in the first half of 2019 we remain on track to file our prior approval supplement for vancomycin oral solution


However, there is one condition that has to be met. I'm waiting for a right management team. I'm not saying our current team isn't good,

however there is one condition that has to be met i'm waiting for a right management team i'm not saying our current team isn't good


so that we can do things very effectively and achieve our goals very precisely on our time line and schedule.

so that we can do things very effectively and achieve our goals very precisely on our timeline and schedule


This increase was due to the acquisition of Body Plus and Sonoma and partially offset by the timing of certain marketing expenses related to our innovation calendar.

this increase was due to the acquisition of bodyplus sonoma and partially offset by the timing of certain marketing expenses related to our innovation calendar


given my, I don't know, unrestrained optimism. But I would say our view of the lease-ability is better today than it was a year ago

given my i don't know unrestrained optimism but i would say our view of the leaseability is better today than it was a year ago


and we are pleased that everything is moving along according to plan. Sinotruk is working on integrating our motors to local Chinese transmission solutions

and we are pleased that everything is moving along according to plan sinotruk is working on integrating our motors to local chinese transmission solutions


We expect this trend to continue as we make these additional investments. Finally, we will remain focused on achieving balanced regulatory outcomes that will benefit our customers

we expect this trend to continue as we make these additional investments finally we will remain focused on achieving balanced regulatory outcomes that will benefit our customers


We expect these new investments to further establish our solutions as the clear industry leader and further establish the pathway for continued success.

we expect these new investments to further establish our solutions as the clear industry leader and further establish the pathway for continued success


Developing and introducing product solutions, like our e-wallet, designed to assist casino patrons with the ability to seamlessly move financial value

developing and introducing product solutions like our ewallet designed to assist casino patrons with the ability to seamlessly move financial value


of inflation that the market experienced last year. And then also it is being contributed to, in some way, by the investments that we are making

of inflation that the market experienced last year and then also it is being contributed to in some way by the investments that we are making


The second thing that we are doing in conjunction with the pharmacy industry as a whole is we are engaging with the federal government

the second thing that we are doing in conjunction with the pharmacy industry as a whole is we are engaging with the federal government


once we get rid of the international business, okay, we understand that's happening, and then should we assume that you're done taking a look at the

once we get rid of the international business okay we understand that's happening and then should we assume that you're done taking a look at the


We believe we're on track to deliver ramped-up contributions from these acquired locations that meet the expected purchase multiples we've outlined for you in previous calls.

we believe we're on track to deliver ramped-up contributions from these acquired locations that meet the expected purchase multiples we've outlined for you in previous calls


As we shift into our financial results and outlook, I'd like to draw your attention to Slide 4 to note the highlights that I first outlined in early January.

as we shift into our financial results and outlook i'd like to draw your attention to slide 4 to note the highlights that i first outlined in early january


Monetary theorists persist with their negative interest rate policies, relying ever more on hope for rather than expectation of success.

monetary theorists persist with their negative interest rate policies relying ever more on hope for rather than expectation of success


on running great restaurants and having great people that lead those restaurants and supporting them with a wonderful culture and tremendous opportunities.


And hence, there, we largely depend on the fact whether or not we were in a position to rightly estimate the costs

and hence there we largely depend on the fact whether or not we were in a position to rightly estimate the costs for


related to a reduction in the level of past due shipments from earlier in 2016 as we ramped production levels and improved manufacturing efficiencies in the second half.


and I've assured my husband there will be no round 3. But I'm fully committed to making a seamless and successful transition with Debra over the next few months.

and i've assured my husband there will be no round 3 but i'm fully committed to making a seamless and successful transition with deborah over the next few months


Our focus is on our clients and leading them through a digital transformation while also remaining purposeful in how we execute on our strategy.

our focus is on our clients and leading them through a digital transformation while also remaining purposeful in how we execute on our strategy


trade between currencies and then, of course, from those positions they have, they can make outbound payments. It does also accommodate incoming payments as well. So it's just a really good

trade between currencies and then of course from those positions they have they can make outbound payments it does also accommodate incoming payments as well so it's just a really good


Further, we achieved several major milestones in the quarter, including the successful completion of the DeVry University and Carrington College transfers of ownership

further we achieved several major milestones in the quarter including the successful completion of the devry university and carrington college transfers of ownership


In addition to growth in accounting products and services, including exam preparation where we're expanding our professional development content to support key changes in the accounting profession,

in addition to growth in accounting products and services including exam preparation where we're expanding our professional development content to support key changes in the accounting profession


in the sensors. There are 3 blocks of technologies where we have, I believe, a unique technology leadership

in the sensors there are 3 blocks of technologies where we have i believe a unique technology leadership


Okay. And was the trigger for that kind of thing competitive actions? Was it particular projects? I'm just trying to get a sense for kind of

okay and was the trigger for that kind of thing competitive actions was it a particular project i'm just trying to get a sense for kind of


the full quarter impact of the new CEO as well as prospective changes to where the company reports expenses relating to its insurance program.

the full quarter impact of the new ceo as well as prospective changes to where the company reports expenses relating to its insurance program


we think that the pricing that we're getting on the completion of these newbuilds lifts the pricing of these rigs as well as the market continues to tighten.

we think that the pricing that we're getting on the completion of these new builds lifts the pricing of these rigs as well as the market continues to tighten


for our existing business with any increases being limited to products and services that open up revenue streams we cannot access today.


What encouraged me most about our results is that our team members are overwhelmingly ready and willing to go above and beyond in their roles to build a stronger, more innovative company.

what encouraged me most about our results is that our team members are overwhelmingly ready and willing to go above and beyond in their roles to build a stronger more innovative company


Some of that would be in the S.E.T. businesses obviously. So our first area of focus will be to add scale in areas where we already play

some of that would be in the set businesses obviously so our first area of focus will be to add scale in areas where we already play


That's not our business model. We want to maintain our margins to maximize profitability, and we want to make sure that we're not beat by our competition.

that's not our business model we want to maintain our margins to maximize profitability and we want to make sure that we're not deep by our competition


how we generate profits, I think the structure of how we generate profit, I think we need to communicate this much clearly to the marketplace.

how we generate profits i think the structure of how we generate profits i think we need to communicate this much clearly to the marketplace


So price reduction could simply translate into a mere reduction in operating profit. On the other hand it could be that the customer base expansion can be achieved.

so price reduction could simply translate into a mere reduction in operating profit on the other hand it could be that the customer base expansion can be achieved


This was the case with the stores we closed last year. And future decisions will now be informed more directly from that experience.

this was the case with the stores we closed last year and future decisions will now be informed more directly from that experience


Lower interest on capital leases as the portfolio matures and the store closures that we had earlier in the year contributed to the decreases for both the quarter and the year.

lower interest on capital leases as the portfolio matures and the store closures that we had earlier in the year contributed to the decreases for both the quarter and the year


The original RFP was also seeking a potential county jail addition to the existing facility in order to replace the county's existing jail in downtown Chattanooga.

the original rfp was also seeking a potential county jail addition to the existing facility in order to replace the county's existing jail in downtown chattanooga


And labor allocation requirements imposed by our collective bargaining agreement at one of our facilities have resulted in an increased benefit related cost during the quarter.

and labor allocation requirements imposed by our collective bargaining agreement at one of our facilities have resulted in increased benefit-related costs during the quarter


We are increasing revenue across multiple product categories at a major U.S. mobility OEM. And we have grown content in audio and standard products

we are increasing revenue across multiple product categories at a major u s mobility oem and we have grown content in audio and standard products


providing us with high levels of current and recurring income from our debt investments and the continued opportunity to realize capital gains from our equity-related investments.


And we hope to deliver more happy experience to you. Thank you. Thank you very much for the answer. The sixth question is,

and we hope to deliver more happy experience to you thank you thank you very much for the answer the sixth question is


gives a point of differentiation and reassurance more to lower enterprise and enterprise level. This is where organizations are effectively looking to future proof

gives a point of differentiation and reassurance more to the lower enterprise and enterprise level this is where organizations are effectively looking to future-proof


those places that we're getting the best return to work with our customers to understand the ROI of some of the various promotional practices that are going on.

those places that we're getting the best return to work with our customers to understand the roi of some of the various promotional practices that are going on


dropping it basically down, which is, human people, and you condense at a certain point, and you're better off to run it

dropping it basically down which is human people and you condense at a certain point and you're better off to run it


It's important to emphasize that while we were making significant progress, there is some opportunity cost because of the breadth of the work that our team is focused on.

it's important to emphasize that while we were making significant progress there is some opportunity cost because of the breadth of the work that our team is focused on


you can be assured that we are still driving improvements with our eye on the same goals and the same intention of creating a more valuable organization for all our stakeholders.


Response rates for the 3 agents approved in the second line are in the range of 13% to 16%, and median overall survival is 6 to 8 months.

response rates for the 3 agents approved in the second line are in the range of 13% to 16% and median overall survival is 6 months to 8 months


The senior secured and floating-rate loan composition of our portfolio is defensibly positioned to protect our capital in a rising rate environment.

the senior secured and floating rate loan composition of our portfolio is defensively positioned to protect our capital in a rising rate environment


If Electrovaya batteries makes these logistics and Material Handling companies more efficient, that is the driver and the benchmark.

if electrovia batteries makes these logistics and material handling companies more efficient that is the driver and the benchmark


Is your modeling suggesting to you that the margin will turn in the third quarter and start to move in the other direction? Or you just haven't -- your crystal ball is fuzzy out beyond

is your modeling suggesting to you that the margin will turn in the third quarter and start to move in the other direction or you just haven't -- your crystal ball is fuzzy out beyond


The problem is that because we don't have a J code and the SOP for how the providers are billing the payers

the problem is that because we don't have a j code and the sop for how the providers are billing the payers


The optimization of our back office resulting from investment in digitization is also evidenced by the continuing slowdown in net new rollout of branches

the optimization of our back office resulting from investment in digitization is also evidenced by the continuing slowdown in net new rollout of branches


they've announced some large customer levels from what I can see. We have a lot of customers, too, right? And our customers are loyal to us. We continue to deliver quality products to them.

they've announced some large customer levels from what i can see we have a lot of customers too and our customers are loyal to us we continue to deliver quality products to them


Those are some of the most important things. And then obviously, over time, as you continue to beef up that stability in your business, that is absolutely what gives me more confidence to go ahead and work that cash balance down.

those are some of the most important things and then obviously over time as you continue to beef up that stability in your business that is absolutely what gives you more confidence to go ahead and work that cash balance down


but that still does not appear to be the case. Whoever has left, for whatever reason, whether they should be going fast or not going fast, there are enough folks out there still pushing for business

but that still does not appear to be the case whoever's left for whatever reason whether they should be going fast or not going fast there are enough folks out there still pushing for business


What was interesting about -014 is that in the animals, we saw a really quite limited toxicity less than we expected, and that will allow us to dose escalate

what was interesting about o14 is that in the animals we saw really quite limited toxicity less than we expected and that will allow us to dose escalate


that will give both customer segments an engaging and seamless self-service experience, allowing them to interact with us online for a variety of services.

that will give both customer segments an engaging and seamless self-service experience allowing them to interact with us online for a variety of services


Spending for capital expenditures was higher during the second quarter due to timing as we had relatively light capital spending during the first quarter.

spending for capital expenditures was higher during the second quarter due to timing as we had relatively light capital spending during the first quarter


The process is actively moving forward and we will evaluate all options thoughtfully and carefully with the support of our financial and legal advisers.

the process is actively moving forward and we will evaluate all options thoughtfully and carefully with the support of our financial and legal advisers


but that's due to this access program. So is it fair to say that the numbers are coming down, but the number of patients you expect to be on Eversense actually increased compared to your prior guidance?

but that was due to this access program so is it fair to say that the numbers are coming down but the number of patients you expect to be on ever since actually increased compared to your prior guidance


I would hazard to guess that most of them had something. They probably had a cash management solution, which is a more rudimentary version of full treasury management.

i would hazard to guess that most of them had something they probably had a cash management solution which is a more rudimentary version of full treasury management


up to this point, we've only competed basically in genotype-1. And so there's a big opportunity for us to be able to compete in the other genotypes going forward.

up to this point we've only competed basically in genotype 1 and so there's a big opportunity for us to be able to compete in the other genotypes going forward


as well as the opportunity for nursing and healthcare education more broadly and we are pleased by the progress the team at HCN is making to further strengthen the institution for bright future.

as well as the opportunity for nursing and health care education more broadly and we are pleased by the progress the team at hcn is making to further strengthen the institution for a bright future


as it is a very important part of our business from a strategic perspective. But we have had outsourcing events that will occur all the way through July.

as it is a very important part of our business from a strategic perspective but we have had outsourcing events that will occur all the way through july


With these improvements combined with a better aligned sales structure, we are now better positioned to grow share across all of our business lines.

with these improvements combined with a better aligned sales structure we are now better positioned to grow share across all of our business lines


that is not affected by the change in standards. We continue polishing the IFRS 9 accounting model for our loan portfolios. I can share though that

that were not affected by the change in standards we continue polishing the ifrs 9 accounting model for our loan portfolios i can share though that


This excludes the impact from any restructuring costs and assumes an annual effective tax rate of 31%. I'll now turn the call over to Sam Thomas.

this excludes the impact from any restructuring costs and assumes an annual effective tax rate of 31% i'll now turn the call over to sam thomas


There'll have to be some build-outs if we're going to -- or once we move into full development, but there's enough adequate infrastructure space right now for us to continue drilling

there'll have to be some buildouts if we're going to -- or once we move into full development but there's enough adequate infrastructure space right now for us to continue drilling


disciplined capital recycling combined with carefully managed operating expenses, a strong balance sheet and a very highly preleased development pipeline

disciplined capital recycling combined with carefully managed operating expenses a strong balance sheet and a very highly pre-leased development pipeline


that we think really will allow us to grow and get the best out of what we're doing. And a lot of what we're seeing with inventory and what's coming through right now, I think, speaks to and comes from

that we think really will allow us to grow and get the best out of what we're doing and a lot of what we're seeing with inventory and what's coming through right now i think speaks to and comes from


we are increasingly more confident in our ability to deliver greater consistency, holistic growth and a more predictable profitability over the long term.

we are increasingly more confident in our ability to deliver greater consistency holistic growth and a more predictable profitability over the long term


that currently include a wide range of stores and formats. Overall, we want our stores to make positive lasting impressions on guests and the neighborhoods we serve.

that currently include a wide range of stores and formats overall we want our stores to make positive lasting impressions on guests and the neighborhoods we serve


sort of constant word is, is that the appropriate target to think about? Or do you think there is still some basis for it to move gradually modestly higher?

sort of constant where it is is that the appropriate target to think about or do you think there's still some basis for it to move gradually modestly higher


So as we think about the future -- and this is our view, but as we think about the future, the disintermediation is going to occur primarily in the skilled nursing

so as we think about the future and this is our view but as we think about the future the disintermediation is going to occur primarily in the skilled nursing


Within this context, we believe we are uniquely positioned, managed and capitalized to meaningfully experience an improving industry environment to the benefit of our shareholders.

within this context we believe we are uniquely positioned mandated and capitalized to meaningfully experience an improving industry environment to the benefit of our shareholders


Before we get started, I would like to remind everyone that during this call, we will make projections and other forward-looking statements regarding future events or the future financial performance of the company.

before we get started i would like to remind everyone that during this call we will make projections and other forward-looking statements regarding future events or the future financial performance of the company


to the millions of institutions around the world, helping them to drive digital transformation to increase effectiveness and have impact on their missions to drive outcomes.

to the millions of institutions around the world helping them to drive digital transformation to increase effectiveness and have impact on their missions to drive outcomes


but also quantify the value of improving their performance and refer them to specific tools inside of the Raiser's Edge NXT to drive growth.

but also quantify the value of improving their performance and refer them to specific tools inside of the razors edge nxt to drive growth


We expect over the medium term that these investments will result in savings within the business units. And over time, we will reduce this to more normal levels.

we expect over the medium term that these investments will result in savings within the business units and over time we will reduce these to more normal levels


they clearly have intentions to continue to address the aging fleets -- trailer fleets that they have, they have excessively aged equipment.

they clearly have intentions to continue to address the aging fleets trailer fleets that they have they have excessively aged equipment


Now turning to a review of our outlook for fiscal year 2016, which we introduced in our press release on March 7. Other than the impact

now turning to review of our outlook for fiscal year 2016 which we introduced in our press release on march 7 other than the impact


we expect in the second half that conditions will probably be similar to the first half although, as Stephen noted, we are seeing green shoots emerge in that segment.

we expect in the second half the conditions will probably be similar to the first half although as stephen noted we are seeing green shoots emerge in that segment


But what we can see today, we hence expect to be able to pay a dividend in line with the existing dividend policy for this financial year.

from what we can see today we hence expect to be able to pay a dividend in line with the existing dividend policy for this financial year


Sure and maybe just one final question, I can squeeze in, on Tricon Housing Partners, I mean the pressure is mostly on the cost side, what we understand and timing related,

sure and maybe just one final question i can squeeze in on trican housing partners i mean the pressure is mostly on the cost side what we understand and timing related


we anticipate corporate costs can be kept at or around these FY '17 levels going forward with the current business mix.

we anticipate corporate costs can be kept at or around these fy '17 levels going forward with the current business mix


I've been onboard for a little over 3 weeks and have had the good fortune of spending that time listening and learning from our customers, partners and employees.

i've been on board for a little over 3 weeks and have had the good fortune of spending that time listening and learning from our customers partners and employees


I believe ServiceNow has the potential to become one of the great enterprise software companies of this era and I'm committed to building an enduring company.

i believe servicenow has the potential to become one of the great enterprise software companies of this era and i'm committed to building an enduring company


Okay. And then indulging me with just one more because you talked about a couple of new units coming on in, I believe the Middle East and Africa and

okay and then indulge me with just one more because you talked about a couple of new units coming on in i believe the middle east and africa and


oftentimes or sometimes, these customers do not allow us to work at a profit. But

oftentimes -- or sometimes these customers do not allow us to work at a profit but


Our risk-averse approach compares favorably to the highly competitive market for middle market leverage loans where business development companies face loosening covenants and compressed lending spreads. And

our risk-averse approach compares favorably to the highly competitive market for middle-market leverage loans where business development companies face loosening covenants and compressed lending spreads


take, that was probably not sufficient in order to hold revenues, so that would basically lead to the sales decline.

take that was probably not sufficient in order to hold revenues so that would basically lead to the sales decline


So I'm just trying to think about -- I understand the potential of the cross-selling with the platform, but you will be

so i'm just trying to think about -- i understand the potential of the cross-selling with the platform but you will be


I think under very difficult circumstances, our teams in Illinois have done a very good job maximizing profitability and being efficient servicing customers. So

i think under very difficult circumstances our teams in illinois have done a very good job maximizing profitability and being efficient servicing customers so


As other large leasing companies begin to look and act more alike, our strategic positioning is improving, as I believe we occupy an essential, growing and profitable role in the market.

as other large leasing companies begin to look and act more alike our strategic positioning is improving as i believe we occupy an essential growing and profitable role in the market


We're going to continue to invest in our people and businesses to enhance our customer propositions to improve our customer's experiences and to deliver efficiencies for the group.

we're going to continue to invest in our people and businesses to enhance our customer propositions to improve our customers' experiences and to deliver efficiencies for the group


Commodities, freight and wages are all rising. To date, however, the number of our suppliers who have raised their list prices

commodities freight and wages are all rising to date however the number of our suppliers who have raised their list prices


It also means engaging and supporting communities where we live and work to find new solutions and contribute to the long-term sustainability of our environment.

it also means engaging and supporting communities where we live and work to find new solutions and contribute to the long-term sustainability of our environment


and I'm sure you're monitoring cyberattacks or attempts to breach your systems. Can you comment if you've seen any increase in that over the last year and how you think about that one going forward?

and i'm sure you're monitoring cyber attacks or attempts to breach your systems can you comment if you've seen any increase in that over the last year and how you think about that one going forward


in our centers. And there are a handful of locations where we're talking to them about proactively taking space back because we know the tenant demand and we can execute on it ourselves. But

in our centers and there are a handful of locations where we're talking to them about proactively taking space back because we know the tenant demand and we can execute on it ourselves


acknowledging also minority shareholders, and especially in the ability to grow and to create value to all shareholders.

acknowledging also minority shareholders and especially in the ability to grow and to create value to all shareholders


Our larger life insurance licensed sales force as well as productivity that was at the high end of our historical range drove the strong growth in issued policies in the fourth quarter.

our larger life insurance license sales force as well as productivity that was at the high end of our historical range drove the strong growth in issued policies in the fourth quarter


And then we'll see whether the GDP trend the first few decimals that we've seen moving in the right direction, be it in Europe or in other parts of the world,

and then we will see whether the gdp trend the first few decimals that we've seen moving in the right direction be it in europe or in other parts of the world


Flavors and fragrances are consumed every day around the world, and they are an essential part of successful consumer products for our clients. I

flavors and fragrances are consumed every day around the world and they are an essential part of successful consumer products for our clients


Rest assured that our allocation of capital will be accomplished in a characteristically disciplined fashion that our track record demonstrates and that you have come to expect from us.

rest assured that our allocation of capital will be accomplished in a characteristically disciplined fashion that our track record demonstrates and that you have come to expect from us


With important recent changes, we believe we can quickly get back to performance levels that we've already demonstrated we can achieve over several previous quarters.

with important recent changes we believe we can quickly get back to performance levels that we've already demonstrated we can achieve over several previous quarters


We also rolled out Pixel Custom Audiences in December, which allows advertisers to reach audiences based on actions such as visiting their site.

we also rolled out pixel custom audiences in december which allows advertisers to reach audiences based on actions such as visiting their site


A number of parties have already been contacted and others who saw the announcement have contacted us, and we are pleased by the level of interest, thus far.

a number of parties have already been contacted and others who saw the announcement have contacted us and we are pleased by the level of interest thus far


So they have come in with their own vision and they are in the process of executing on that. But it is absolutely fair to say, for the most part,

so they have come in with their own vision and they are in the process of executing on that but it is absolutely fair to say for the most part


and we saw a value proposition, we would do that. We would step in and do it. We've looked at one and maybe others, I don't know, but I do know that we would be open to that.

and we saw a value proposition we would do that we would step in and do it we have looked at one and maybe others i don't know but i do know that we would be open to that


We have a tremendous opportunity to create value for all of our stakeholders, and we intend with full force to make the most of it.

we have a tremendous opportunity to create value for all of our stakeholders and we intend with full force to make the most of it


Composites is a newer technology we're investing in, but it's not, of course, at the expense of other proven areas where we've excelled for years like the inks market.

composites is a newer technology we're investing in but it's not of course at the expense of other proven areas where we've excelled for years like the inks market


Remember also that PI revenue can fluctuate from quarter-to-quarter, which can impact either to the upside or downside what we would normally view as a quarterly run rate.

remember also that pi revenue can fluctuate from quarter-to-quarter which can impact either to the upside or downside what we would normally view as a quarterly run rate


to some of those European affiliates in the second half of this year and that would be a significant driver of our second half revenue uptick.

to some of those european affiliates in the second half of this year and that would be a significant driver of our second half revenue uptick


different products. Now there's preferences, okay. Obviously, we'd like to be a little bit more heavy in the like the aluminum plate business in the Southeastern market.

different products now there's preferences okay obviously we'd like to be a little bit more heavy in the -- like the aluminum plate business in the southeastern market


network as well as our digital tools to make sure that we're winning at least our fair share, if not more of the business in India as it grows,

network as well as our digital tools to make sure that we're winning at least our fair share if not more of the business in india as it grows


We expect that client migrations to the new systems will begin by the end of full year '18. In moving our European clients to VisaNet, we can provide enhanced network

we expect that client migrations to the new systems will begin by the end of full year '18 in moving our european clients to visanet we can


mixed bag of activity around the industry and I think not necessarily the most user-friendly thing for consumers because there are so many options.

mixed bag of activity around the industry and i think not necessarily the most user-friendly thing for consumers because there are so many options


bonuses out in the first quarter of each year as well. So those are probably some of the items that really drive some of the timing, Steve. But

bonuses out in the first quarter of each year as well so those are probably some of the items that really drive some of the timings steve but


you're able to double capacity. What time frame will you be able to double sales with the double of equipment?

you're able to double capacity what time frame will you be able to double sales with the double of equipment


continued really excellent execution relative to our march towards the 10% target, I'd say we ended the year pretty much in line

continued really excellent execution relative to our march towards the 10% target i'd say we ended the year pretty much in line


We continue to review the best opportunities to utilize our cash. While also keeping in mind that we are in a cyclical industry.

we continue to review the best opportunities to utilize our cash while also keeping in mind that we are in a cyclical industry


and balancing delivery of community strategy with delivering attractive returns on investment. So in conclusion,

and balancing delivery of community strategy with delivering attractive returns on investment so in conclusion


on the Refinish and Industrial side of the business. But we expect that path upward not to be a sharp bounce back but rather a gradual improvement in the best case.

on the refinish and industrial side of the business but we expect that path upward not to be a sharp bounce back but rather a gradual improvement in the best case


before the heat of the day sets in, in hopes of generating some additional extra visits early in the morning rather than losing the businesses completely.

before the heat of the day sets in in hopes of generating some additional extra visits early in the morning rather than losing the business completely


Prospectively, our lending business had a lot of other intrinsic things that prospectively can bring value down the road to public shareholders.

prospectively our lending business has a lot of other intrinsic things that prospectively can bring value down the road to public shareholders


Two. Enterprises increasingly see outsourcing as a means of increasing their pace of innovation and supporting their strategic initiatives.

two enterprises increasingly see outsourcing as a means of increasing their pace of innovation and supporting their strategic initiatives


it should be clear that the intention is that the investments in Uttam Galva will be a part of the joint venture and funded by the joint venture.

it should be clear that the intention is that the investment in utengalva will be a part of the joint venture and funded by the joint venture


Our purpose is to make a difference in the moments that matter and create value for our clients, our colleagues, our shareholders and the broader community.

our purpose is to make a difference in the moments that matter and create value for our clients our colleagues our shareholders and the broader community


So in summary, standing in stark contrast for the cyclical challenges that we have to navigate during the past year, the tide seems to have turned.

so in summary standing in stark contrast to the cyclical challenges that we had to navigate during the past year the tide seems to have turned


We are excited for this opportunity to report the financial results for the fourth quarter of 2017, which represents the first full quarter of the combined Knight and Swift entity.

we are excited for this opportunity to report the financial results for the fourth quarter of 2017 which represents the first full quarter of the combined knight and swift entity


How do we get a conviction to, in fact, feel very confident about making an investment in today's world? Prices are high, and therefore, we bring to bear

how do we get conviction to in fact feel very confident about making an investment in today's world prices are high and therefore we bring to bear


catastrophe claims environment, and that does boost reserve releases in the classes of business, such as property reinsurance. And Marine

catastrophe claims environment and that does boost reserve releases in the classes of business such as property reinsurance and marine


offsetting quite a bit of material cost increase. I would say probably net-net, probably a little bit less than we would have liked, but the net impact after

offsetting quite a bit of material cost increase i would say probably net-net probably a little bit less than we would have liked but the net impact after


work on and off for our competitors. But if you look at the finished good producers for our customers who actually use our products, the regulations there are also on and off.

work on and off before our competitors but if you look at the finished good producers for our customers who actually use our products the regulations there are also on and off


has been uninspiring for us in terms of deploying our capital. And so as a result of that, we want to make sure that if we're trading out that we don't have much of a bid-ask

has been uninspiring for us in terms of deploying our capital and so as a result of that we want to make sure that if we're trading out that we don't have too much of a bid-ask


just didn't seem to pencil at that time. That doesn't mean we haven't closed the door to ideas. It's just that based on the options that we had at the time didn't seem to make much sense.

just didn't seem to pencil at that time that doesn't mean we haven't closed the door to ideas it's just that based upon the options that we had at the time didn't seem to make much sense


Now I'll turn the call over to David Finkelstein. Thank you, Kevin. As all are aware, the first quarter proved once again to be a challenging environment for investors

now i'll turn the call over to david finkelstein thank you kevin as all are aware the first quarter proved once again to be a challenging environment for investors


We have already learned through our acquisition of Entrust and we've seen that expanding our reach and our portfolio of goods and services is a main driver of growth.

we have already learned through our acquisition of entrust and reef sane that expanding our reach and our portfolio of goods and services is a main driver of growth


is quite comparable to what we have seen in Switzerland a couple of years ago. And we have a very solid blueprint

is quite comparable to what we have seen in switzerland a couple of years ago and we have a very solid blueprint


So let's say ordinarily if you had grown at 15% if you start growing only at about that rate that is the time when you cut down and you come back to the normal rate.

so let's say ordinarily if you had grown at 15% if you start growing only at about that rate that's the time when you cut down and you come back to the normal rate


Obviously, you're having a terrific year, and I ask the question obviously in the context that the stock has performed extremely well.

obviously you're having a terrific year and i ask the question obviously in the context that the stock has performed extremely well


Got it. And one other question about the liquid formulation. I was just wondering if you could mention some of the other ingredients that are included

got it and one other question about the liquid formulation i was just wondering if you could mention some of the other ingredients that are included


for a certain occasion or an electronic cigarette or vaping unit as another occasion. So we want to be a one-stop shop for all the occasions that they have.

for a certain occasion or an electronic cigarette or vaping unit as another occasion so we want to be a one-stop shop for all the occasions that they have


It has been almost assumed and taken for granted in recent times, but I think people are, again, realizing and remembering all the reasons why it's true. And

it has been almost assumed and taken for granted in recent times but i think people are again realizing and remembering all the reasons why it's true and


Laboratory information systems are extremely important to smooth operations and efficiency and we are integrating 2 similar but different lab systems.

laboratory information systems are extremely important to smooth operations and efficiency and we are integrating 2 similar but different lab systems


We expect all of our production will be exported via pipeline in the future and look forward to increase net revenue and the further reduction in operating expenses.

we expect all of our production will be exported via pipeline in the future and look forward to the increased net revenue and the further reduction in operating expenses


Our core businesses are performing well. We're excited about where the new international opportunities will take us. But ultimately, our commitment remains the same,

our core businesses are performing well and we're excited about where the new international opportunities will take us but ultimately our commitment remains the same


In December, we formed a joint venture with a partner, who will selectively source and manage outdoor advertising assets for us in certain European markets.

in december we formed a joint venture with a partner who will selectively source and manage outdoor advertising assets for us in certain european markets


and the fluctuation in currency exchange rates in international markets we sell into may cause material differences between our expectations and actual results.


I firmly believe that our operations teams are better focused in executing at a consistently higher level than in the recent past.

i firmly believe that our operations teams are better focused and executing at a consistently higher level than in the recent past


results in a follow-on product development, and then generally results in the sale of those products. And this HiRIS project is

results in a follow-on product development and then generally results in the sale of those products and this high ridge project is


whether this is a new base level that we should kind of think about numbers moving up off of. Just not sure I really have a good handle on the progression of the business there.

whether this is a new base level that we should kind of think about numbers moving up off of just not sure i really have a good handle on the progression of the business there


I wouldn't say I have an exact idea what the percentage would be, but we really want to emphasize aerospace because we believe it's got a longer run. It's got a little bit more

i wouldn't say i have an exact idea what the percentage would be but we really want to emphasize aerospace because we believe it's got a longer run it's got a little bit more


We remain excited about having this additional brand as part of our platform and our overall multibrand approach to meet customer demand and capture a larger portion of the weight-loss market.

we remain excited about having this additional brand as part of our platform and our overall multi-brand approach to meet customer demand and capture a larger portion of the weight loss market


turn out right in terms of your financial outlook, it would mean that your financial ratios are that strong that you have more firepower to make bigger acquisitions.

turn outright in terms of your financial outlook it would mean that your financial ratios are that strong that you have more firepower to make bigger acquisitions


hopefully, expose people to not only ReposiTrak but the Park City legacy side. But can you give us some metrics on what type of traffic patterns you're seeing?

hopefully expose people to not only repose at track but the park city legacy side but can you give us some metrics on what type of traffic patterns you're seeing


and other products and services that improve credit decision-making, automate cashier operations and enhance patron marketing activities for gaming establishments.

and other products and services that improve credit decision-making automate cashier operations and enhance patron marketing activities for gaming establishments


even operate under the simplest regime or the simpler regime that may also have competitive prices. As we see

even operate under the cinzas regime or the simpler regime that may also have competitive prices as we see


Sure. I'm going to turn most of that over to Brad. Only to say that what we've seen in the international markets as part of what gives us confidence in putting that financial goal out there.

sure i'm going to turn most of that over to brad only to say that what we've seen in the international markets is part of what gives us confidence in putting that financial goal out there


Before getting into the specifics, it is fair to say that notable productivity is much harder to drive in a no-growth environment, but it should have been better than it was.

before getting into the specifics it is fair to say that notable productivity is much harder to drive in a no-growth environment but it should have been better than it was


First half of this year, there were 24. And Jack mentioned earlier that we have been awarded a number of these projects, so we're going to see that start to roll

first half of this year there were 24 and jack mentioned earlier that we have been awarded a number of these projects so we're going to see that start to roll


we're seeing opportunities to do even more. So success begets success in this market, and we're seeing a lot of opportunity both

we're seeing opportunities to do even more so success begets success in this market and we're seeing a lot of opportunity both


from our variable insurance product and sub-advised funds. Those flows have impacted nearly all investment objectives and are illustrated in the flow graphs by investment objective.

from our variable insurance product and subadvised funds those flows have impacted nearly all investment objectives and are illustrated in the flow graphs by investment objective


As an integral part of this effort, we're devoting time and resources towards deepening our bench of talent with clear succession planning throughout the organization.

as an integral part of this effort we're devoting time and resources towards deepening our bench of talent with clear succession planning throughout the organization


at a market leader and we won an award for an intelligent power module from a leading Chinese air conditioner supplier.

at the market leader and we won an award for an intelligent power module from a leading chinese air conditioner supplier


So I can't really comment on what the levers are, other than by referring to what we've seen other companies doing in similar situations. So

so i can't really comment on what the levers are other than by referring to what we've seen other companies doing in similar situations so


And we treated it as one relationship with the same guy running both companies and the same executive team and operators and everything else throughout the company.

and we treated it as one relationship with the same guy running both companies and the same executive team and operators and everything else throughout the company


we remain committed to expanding business throughout Southeast Asia, with products supplied mostly from our Indonesian plant.

we remain committed to expanding business throughout southeast asia with products supplied mostly from our indonesian plant


We will be the leader in the delivery of affordable books and course materials and driving students' academic success. Looking ahead,

we will be the leader in the delivery of affordable books and course materials and driving student academic success looking ahead


With that, I will turn the call over to Max Roberts to discuss the compelling strategic value of this transaction in more detail as well as our results for the quarter. Max?

with that i'll turn the call over to max roberts to discuss the compelling strategic value of this transaction in more detail as well as our results for the quarter max


to New York Harbor less than a bit as well. Can you talk about those dynamics a little bit and whether they're having any impact, at least in the near-term, on online space,

to new york harbor lessened a bit as well can you talk about those dynamics a little bit and whether they're having any impact at least in the near term on online space


And when you buy a very large portfolio at a discount to NAV, and you hold it through a rising multiple environment, you find yourself in a good position to exit and generate gains, which is what we've done. But

and when you buy a very large portfolio at a discount to nav and you hold it through a rising multiple environment you find yourself in a good position to exit and generate gains which is what we've done but


And then separately, you mentioned the Midwest and Southeast as the best-performing regions. I was wondering, if you're seeing any sort of benefit

and then separately you mentioned the midwest and southeast as the best performing regions i was wondering if you're seeing any sort of benefit


As a reminder, we increased our national minimum wage in the second quarter of last year. So we have to round that in the first and a little bit of the second quarter.

as a reminder we increased our national minimum wage in the second quarter of last year so we have to round that in the first and a little bit of the second quarter


which is in line with our model and our expectations and, quite frankly, our experience in the first quarter, the first full quarter following an integration.

which is in line with our model and our expectations and quite frankly our experience in the first quarter the first full quarter following an integration


Look, I think Roger and I have come to the conclusion that we want to grow, and we want to grow both organically and through acquisitions and new store openings.

look i think roger and i have come to the conclusion that we want to grow and we want to grow both organically and through acquisitions and new store openings


Their people, their culture and their commitment to quality service are all attributes that we value when we look for the right company to add to our team.

their people their culture and their commitment to quality service are all attributes that we value when we look for the right company to add to our team


This class is entirely built of the refreshed concept. So we saw an immediate tick up in '17 with the refreshed concept.

this class is entirely built of the refreshed concept so we saw an immediate tick up in '17 with the refreshed concept


and some of the higher grade stopes. And there was some tricky geometry there on the dip of the vein and trying to capture all the recovery

and some of the higher grade stopes and there was some tricky geometry there on the dip of the vein and trying to capture all the recovery


last year and for the quarter. Should we expect that to be somewhat flattish this year? Does it get depressed as you have to still

last year and for the quarter should we expect that to be somewhat flattish this year or does it get depressed as you have to still


We want to have fewer people in the company that support and we want to have more people directly linked to the output and being closer to the market.

we want to have fewer people in the company that support and we want to have more people directly linked to the output and being closer to the market


in a way, we try to achieve a business model, and run a business model that is macro independent in a way, meaning that changes in interest rates

in a way we try to achieve a business model and run a business model that is macro independent in a way meaning that the changes in interest rates


we will be able to shift the sales mix towards more recurring revenue, which in turn will drive improved growth rates and higher margins.

we will be able to shift the sales mix towards more recurring revenue which in turn will drive improved growth rates and higher margins


while we will continue to work hard to improve the percentage of that, that we can fulfill from our stores, whether Ship from Store or Buy Online, Pick Up In Store,

while we will continue to work hard to improve the percentage of that that we can fulfill from our stores whether it's ship from store or buy online pick up in store


Our promotions emphasized our industry-leading standards and affordable pricing. Our marketing efforts supported the standards and pricing aspect of our promotional offers

our promotions emphasized our industry-leading standards in affordable pricing our marketing efforts supported the standards and pricing aspect of our promotional offers


given how well you've done -- repositioning the business mix, et cetera, Gen10 in '18, it would seem that there would even be a little bit more lift behind that. So

given how well you've done repositioning the business mix et cetera gen 10 in '18 it would seem that there would even be a little bit more lift behind that so


As we've always been developing business, and as I have learned from my predecessors that, as long as you have good ideas,

as we've always been developing business and as i have learned from my predecessors that as long as you have good ideas


I think the opportunity is big. And as we continue to drive integration and continue to move customers to our cloud

i think the opportunity is big and as we continue to drive integration and continue to move customers to our cloud


Please note that our comments today contain forward-looking statements subject to the risks and uncertainties that could cause actual results to differ materially from those projected.

please note that our comments today contain forward-looking statements subject to the risks and uncertainties that could cause actual results to differ materially from those projected


Our read of the rules is that there will be a continued effort on enhancing support for consumers, including improving health care delivery and quality of care,

our read of the rules is that there will be a continued effort on enhancing support for consumers including improving healthcare delivery and quality of care


Within the CAP segment, we continue to expect operating margin to be down moderately in fiscal 2018 relative to last year due to the consolidation of East China.

within the cap segment we continue to expect operating margin to be down moderately in fiscal 2018 relative to last year due to the consolidation of east china


We believe this is a unique and highly compelling value proposition to our large existing and new SME customers in Australia and New Zealand.

we believe this is a unique and highly compelling value proposition to our large existing and new sme customers in australia and new zealand


First, telling inspiring stories. The Keep Walking campaign evolves around a constant truth that progress can be a force for good.

first telling inspiring stories the keep walking campaign evolves around a constant truth that progress can be a force for good


guiding towards a provision being down a little bit year-over-year. Is that just ongoing lingering strength from the end of the year and would you anticipate it sort of stabilizing

guiding towards the provision being down a little bit year-over-year is that just ongoing -- lingering strength from the end of the year and you'd anticipate it sort of stabilizing


within the study as a whole, there has never been a cardiac result that has resulted in the data and safety monitoring board instructing that anyone change a dose

within the study as a whole there has never been a cardiac result that has resulted in the data safety monitoring board instructing that anyone change a dose


As we look at the Vitamin World, the number one thing we'll look at in terms of cost is making sure that there's no stranded cost as we exit the business following the transition services agreement.

as we look at vitamin world the number one thing we'll look at in terms of cost is making sure that there's no stranded cost as we exit the business following the transition services agreement


our plan is to first solidify our business platform, then use the international business to accelerate growth, and then pursue sustainable income growth.

our plan is to first solidify our business platform then use the international business to accelerate growth and then pursue sustainable income growth


and all of this growth is now coming from the mobile business. In this quarter, we have moved financial services down to other units as of this quarter.

and all this growth is not coming from the mobile business in this quarter we have moved financial services down to other units as of this quarter


relatively low the second quarter. We think it's going to be strong in the second half of the year. It's back more to -- you need to look at it in 6-month buckets. There are just too many things that

relatively low in the second quarter we think it's going to be strong in the second half of the year i think it's back more to -- you need to look at it in 6-month buckets there are just too many things that


I understand win rate was lower, but was that out of the normal range? Or is that something that you typically would point out if it were?

i understand win rate was lower but was that out of the normal range or is that something that you typically would point out if it were


And we're seeing some good success there. So I'm hoping, over the next couple of quarters, there's some real solid bookings that we're able to bring in from this new market.

and we're seeing some good success there so i'm hoping over the next couple of quarters there's some real solid bookings that we're able to bring in from this new market


In addition, we'll be transforming our website, mobile offering and digital marketing capabilities. We look forward to updating you about our progress in the future.

in addition we'll be transforming our website mobile offering and digital marketing capabilities we look forward to updating you about our progress in the future


And we are still working with them on the diagnosis and analysis of what's going to be the final action plan. Hopefully, we'll have something

and we're still working with them on the diagnosis and analysis of what's going to be the final action plan hopefully we will have something


the trends -- well, clearly the second quarter growth is also affected by the different timing of the Easter.

the trends well clearly the second quarter uh growth is also affected by the different timing of the easter


We hope it will be a harbinger of relatively fast regulatory approval of future assays now in our pipeline since we believe

we hope that will be a harbinger of relatively fast regulatory approval of future assays now in our pipeline since we believe


Now we are in the hardest point in negotiations with our Manitoba Union. We hope to reach a mutually beneficial agreement, but we need to be competitive in the market.

now we are in the hottest point negotiations with our manitoba union we hope to reach a mutually beneficial agreement but we need to be competitive in the market


better service levels from our warehouses to our stores, improved store execution, creative merchandising and our ad campaign are worth calling out here.

better service levels from our warehouses to our stores improved store execution creative merchandising and our ad campaign are worth calling out here


We will also continue to look for opportunities to reduce our operating expenses while not impacting the investments to our sales team and our marketing spend.

we will also continue to look for opportunities to reduce our operating expenses while not impacting the investments to our sales team and our marketing spend


The income tax rate in the quarter was a net benefit of 0.3%. This benefit was the result of the lower net income and discrete benefits,

the income tax rate in the quarter was a net benefit of 0 3% this benefit was the result of the lower net income and discrete benefits


Thanks, Amy. Good morning, and thank you for your interest in Williams and Williams Partners. Yesterday afternoon, we released our financial results and posted several important items on our website.

thanks amy good morning and thank you for your interest in williams and williams partners yesterday afternoon we released our financial results and posted several important items on our website


And I wish to recognize not only the club personnel who make good things happen on a daily basis, but also the efforts of our merchandising and distribution teams who skillfully work

and i wish to recognize not only team club personnel who make good things happen on a daily basis but also the efforts of our merchandising and distribution teams who skillfully work


In the absence of those 2 items, net effective spread would have shown sort of that steady Eddie performance that you've seen trend over the last 3 quarters.

in the absence of those 2 items net effective spread would have shown sort of that steady-eddy performance that you've seen trend over the last 3 quarters


We and our partner Janssen are very excited about the progress in the 1473 program and its potential to transform the treatment of gastrointestinal diseases.

we and our partner janssen are very excited about the progress in the 1473 program and its potential to transform the treatment of gastrointestinal diseases


We maintain our cash investments and capital structure so that we are able to meet short and long-term obligations for our business

we maintain our cash investments and capital structure so that we are able to meet short- and long-term obligations for our business


meeting with intermediaries and referral sources, and that just really increased the deal volume that's coming in. So we expect that to continue to translate to new originations over time.

meeting with intermediaries and referral sources and that just really has increased the deal volume that's coming in so we expect that to continue to translate to new originations over time


On that note, let me give you a quick update on Triangle Rewards. Our early success demonstrates that our customers are engaging with us across all banners.

on that note let me give you a quick update on triangle rewards our early success demonstrates that our customers are engaging with us across all banners


mostly in the EU that you're trying to divest and there hasn't been any more talk about that since then. So what's the status on that?

mostly in the eu that you're trying to divest and there hasn't been any more talk about that since then so what's the status on that


This liquidity provides us flexibility in terms of the timing for when we issue new debt, we expect to complete the debt refinancing prior to the end of the second quarter. However,

this liquidity provides us flexibility in terms of the timing for when we issue new debt we expect to complete the debt refinancing prior to the end of the second quarter however


trailer needs next year. Can you give us a little bit more context there, just in light of a lot of these truckload reports where CapEx has been cut

trailer needs next year can you give us a little bit more context there just in light of a lot of these truckload reports where capex has been cut


The depth of our software position and the strength of our ecosystem that allowed us to continue to grow market share in the test and measurement market.

the depth of our software position and the strength of our ecosystem that allowed us to continue to grow market share in the test and measurement market


I would say in the first and second quarter, probably a little bit more contraction there. A lot of that contraction will come from the liquidity, the additional liquidity that's been put on the books.

i would say in the first and second quarter probably a little bit more contraction there a lot of that contraction will come from the liquidity the additional liquidity that's been put on the books


but also remember that many of the initiatives we have with the commercial payers are encouraging total joint procedures to be done in an ambulatory setting now.


Our strong capital position and ability to generate organic capital has supported our ability to increase dividend growth ahead of HEPS growth.

our strong capital position and ability to generate organic capital has supported our ability to increase dividend growth ahead of heps growth


that completed itself. It didn't repeat as you can see in the third quarter because the third quarter bounced back to our expectations. They're actually slightly better than our expectations around profitability.

that completed itself it didn't repeat as you can see in the third quarter because the third quarter bounced back to our expectations are actually slightly better than our expectations around profitability


I'd like to move to Slide 3. And I'd like to ask Patrick Moriarty to take us through the financial highlights of the quarter. Pat, maybe you could take us through that?

i'd like to move to slide 3 and i'd like to ask patrick moriarty to take us through the financial highlights of the quarter pat maybe you could take us through that


And the frustration with that for all of us is that the time it takes to

and the frustration with that for all of us is that the time it takes to


We are committed to our obligations on these projects and supporting our customers, the owners and getting this very important power to the country of South Africa.

we are committed to our obligations on these projects and supporting our customers the owners and getting this very important power to the country of south africa


and we feel like the alignment of interest there between employees and the shareholders is a meaningful driver of our continued success.


This dealership is now branded as Lazydays of Minneapolis. Our Minnesota team is talented, and we are excited to welcome them into the Lazydays family.

this dealership is now branded as lazy days of minneapolis our minnesota team is talented and we are excited to welcome them into the lazy days family


Thank you. Ladies and gentlemen, the conference has concluded. Thank you for attending today's presentation. At this time, you may disconnect your lines.

thank you ladies and gentlemen the conference has concluded thank you for attending today's presentation at this time you may disconnect your lines


You mentioned, I think, you were going to relook at the strategy in the spring. Is that because you're just doing planning for next year or you're anticipating interest rate increases coming in the spring?

you mentioned i think you were going to relook at the strategy in the spring is that because you're just doing planning for next year or you're anticipating interest rate increases coming in the spring


We have grown the business double digit over the past few years and increased our already high share by more than 250 basis points.

we have grown the business double-digit over the past few years and increased our already high share by more than 250 basis points


And we learned a lot from that. As we rebound over the -- from the high turnover of last year and get our store associates trained,

and we learned a lot from that as we rebound over the -- from the high turnover of last year and get our store associates trained


This kind of perseverance is not a bad characteristic, but we have to be aware that there is a life cycle to each product, business and business model.

this kind of perseverance is not a bad characteristic but we have to be aware that there is a life cycle to each product business and business model


and that the results of our integration process provides meaningful and positive results that benefit our shareholders, customers, employees and communities alike.

and that the results of our integration process provides meaningful and positive results that benefit our shareholders customers employees and communities alike


We continue to be optimistic about the opportunities in front of us and believe that our 1 billion tons of aggregate reserves located in strong markets across the company

we continue to be optimistic about the opportunities in front of us and believe that our 1 billion tons of aggregate reserves located in strong markets across the company


We believe we have a very strong team with the skills, experience and commitment to developing a curative combination regimen for HBV patients.

we believe we have a very strong team with the skills experience and commitment to developing a curative combination regimen for hbv patients


In discussing our first quarter 2017, I will focus on the main aspects that have impacted our results, and I will make reference to the earnings call presentation

in discussing our first quarter 2017 i will focus on the main aspects that have impacted our results and i will make reference to the earnings call presentation


We've got a great opportunity to continue to work with our customers to drive more product in through Vancouver

we've got a great opportunity to continue to work with our customers to drive more product in through vancouver


frankly, from an internal company perspective, that's the last way I want to look at the business and it's the last way I want our employees to look at the business. I don't want

frankly from an internal company perspective that's the last way i want to look at the business and it's the last way i want our employees to look at the business i don't want


similar to the way we run the jumbo business, it's constantly looking at the market and trying to identify efficiencies and where other buyers are bidding this paper versus where we can create

similar to the way we run the jumbo business it's constantly looking at the market and trying to identify efficiencies and where other buyers are bidding this paper versus where we can create


is what it was meant for and what we will still use it for in the future. And so that hasn't changed much. Obviously, not getting this deal through is a bit of a setback,

is what it was meant for and what we will still use it for in the future and so that hasn't changed much obviously not getting this deal through is a bit of a setback


Now Connected 4 Growth brings, on the one hand, more resilience to continue to perform competitively despite the challenges, and you've seen us do that again once more

now connected for growth brings on the one hand more resilience to continue to perform competitively despite the challenges and you've seen us do that again once more


Sure. So let me take the first one. I mean, if you were to say that our options were broadly to go really deep in accounts or to go and get a lot of accounts,

sure so let me take the first one i mean if you were to say that our options were broadly to go really deep in accounts or to go and get a lot of accounts


With that, I'll turn the call over to Brian. Thanks, Irene. We had solid financial results for the second quarter and the first half of the year.

with that i'll turn the call over to bryan thanks irene we had solid financial results for the second quarter and the first half of the year


In the Material Processing side, which is one of our growth areas that we're concentrating on, there was slight negative growth in the quarter,

in the material processing side which is one of our growth areas that we're concentrating on there was slight negative growth in the quarter


or firms that have raised a lot of money, particularly on the private side, some of which are putting it out at a very rapid clip, and this makes us more cautious.

or firms that have raised a lot of money particularly on the private side some of which are putting it out at a very rapid clip and this makes us more cautious


there are always some borrowers who prefer to have a lender who gives them certainty, who understands their business, who understands that

there are always some borrowers who prefer to have a lender who gives them certainty who understands their business who understands that


perhaps we will see the fully loaded to go down by 40, 50 basis points in the following quarters because of this reason.

perhaps we will see the fully loaded to go down by 40 50 basis points in the following quarters because of this reason


the official launch partner of Funco's new League of Legend licensed products. So this is the first time that League of Legends by Riot Games is going to put physical products into retail. So I think we're finding

the official launch partner of funko's new league of legends licensed product so this is the first time that league of legends by riot games is going to put physical product into retail so i think we're finding


I'm very happy with the achievements on our growth strategy. We signed a license agreement with Star Trek at Movie Park in Germany.

i'm very happy with the achievements on our growth strategy we signed a license agreement with the star trek at movie park in germany


couple of things. First, as you look forward, you're certainly not anticipating that the market is changing, getting weaker or anything like that, would be my first question.

a couple of things first as you look forward you're certainly not anticipating that the market is changing getting weaker or anything like that would be my first question


them, especially the ones that were not in the pipeline when we acquired Sensile. But there are a couple of very interesting projects we are actually discussing at the moment.

them especially the ones that were not in the pipeline when we acquired sensir but there are a couple of very interesting projects we are actually discussing at the moment


And sales are down there absolutely. They were at a pretty high level in terms of the absolute dollars. So they're coming off a pretty high level, which is the good news in the bad news

and sales are down there absolutely they were at a pretty high level in terms of the absolute dollars so they're coming off a pretty high level which is the good news and the bad news


because of the investments we've made, these automated facilities that Henry talked about. We have 2 major hubs coming online next year and a couple more

because of the investments we've made these automated facilities that henry talked about we have 2 major hubs coming online next year and a couple of more


The remaining balance relates to restructuring expenses in Europe and Americas and environmental expenses for a plant that was previously owned.

the remaining balance relates to restructuring expenses in europe and americas and environmental expenses for a plant that was previously owned


Yes, I just felt -- I thought in the prepared remarks, there were some comments about additional bonus or expense here in the fourth quarter and I just wasn't sure if that was -- if you had a number for that.

yes i just felt -- i thought in the prepared remarks there were some comments about additional bonus expense here in the fourth quarter and i just wasn't sure if that was -- if you had a number for that


our new TMS. So the endgame of this is to provide our operating systems where we have visibility across the network,

our new tms so the end game of this is to provide our operating systems where we have visibility across the network


We're evaluating whether it's best to finance our equipment purchases with leases or debt. We will also be investing in technology projects.

we're evaluating whether it's best to finance our equipment purchases with leases or debt we will also be investing in technology projects


But we're working on it. Is there a mechanism that you can see where YouTube or any other of the OTT players can apply pressure to the networks to make them do

is there a mechanism that you can see where youtube or any other of the ott players can apply pressure to the networks to make them do


From what I've been told by our team and our customers and our vendors is, really we're probably not going to see any uptick until sometime late next year.

from what i've been told by our team and our customers and our vendors is really we're probably not going to see any uptick until sometime late next year


of that range. And the range of uses is what I alluded to earlier in the call. We still are seeing demand from best-in-class fitness,

of that range and the range of uses is what i alluded to earlier in the call we still are seeing demand from best-in-class fitness


Well, I think the markets are already now supporting our transaction because they have clearly undervalued the other proposal, the interloper proposal

well i think the markets are already now supporting our transaction because they have clearly undervalued the other proposal the interloper proposal


Please note the cautionary language regarding forward-looking statements contained in the press release. This same language applies to statements made in today's conference call.

please note the cautionary language regarding forward-looking statements contained in the press release this same language applies to statements made in today's conference call


What is happening in that case? The decision process is more complex, because it's related to transformation agent for that company. And the second reason

what is happening in that case the decision process is more complex because it's related to transformation agent of that company and the second reason


We began selling this in limited quantities during April time frame and have had tremendous interest from customers worldwide.

we began selling this in limited quantities during april time frame and have had tremendous interest for customers worldwide


Finally, I want to take a moment to wish our athletes best of luck at the Olympics. As you know, we are proud supporters of our Canadian Olympic and Paralympic teams,

finally i want to take a moment to wish our athletes best of luck at the olympics as you know we are proud supporters of our canadian olympic and paralympic teams